Prices boost for home owners

Home owners in South Tyneside enjoyed a late spring boost as house prices jumped by more than three per cent, according to new figures.

Land Registry data shows the average South Tyneside house price in April was £156,586 – a 3.4% increase on March – and representing an average rise in value of 8.2% over the last year.

Over the month, the picture was different to that across the North East, where prices increased by just 0.1%, and home values in South Tyneside were also above the 1.1% national average rise.

Experts say a shortage of properties coming on to the market was the primary reason behind climbing prices.

The average sale price of property in South Tyneside in April rose by £12,000 over the year.

Owners of terraced houses saw the biggest rises in property prices in April. They increased by 3.6%, to an average of £137,822 – a 7.8% rise over the previous 12 months.

The cost of a detached home rose by 3.4% on the month – up 10.7% annually – to an average of £295,710.

The value of a semi-detached increased by 3.5% in April – and 9.3% annually – to an average of £175,402.

The price of flats also increased – up 2.8% monthly and 4.5% annually to an average of £90,236.

First-time buyers in South Tyneside spent an average of £139,000 on their property – £10,000 more than a year ago, and £31,000 more than in April 2017.

Buyers in the area paid 0.9% more than the average price in the North East – £155,000 - in April.

Nationally, the average price of a home rose to £281,000.